Titan Petrochemicals Group Limited (HKSE stock code: 1192, "Titan" or "the Company", together with its subsidiaries the "Group") is pleased to announce that the proposed scheme of arrangement between the Company and Scheme Creditors under section 99 of the Companies Act (the "Scheme") was sanctioned by the Supreme Court ofBermuda on 5 November 2014 (Bermuda time).

The Scheme became effective and binding on all Scheme Creditors (as defined in the Scheme) on 5 November 2014when a copy of the order of the Supreme Court ofBermuda was delivered to the Bermuda Registrar of Companies in accordance with section 99 of the Companies Act.

"The Scheme was sanctioned by the Supreme Court of Bermuda. These positive responses have prompted a new chapter for Titan," said Titan's Chairman and CEO Mr.Zhao Xu Guang, "The sanction marks a significant milestone and major progress through a highly complicated restructuring exercise. With a view to develop a solid foundation for long-term business development and becoming a leading provider in the offshore and marine industry, after the trading resumed, the management team will continue to work extensively on the revitalization of business. We look forward to sharing with our stakeholders fruitful result in the not too distant future. "